How much did you invest? Forex Trading Scams - Let's get your money back! Businesses we have successfully retrieved money from. How it works. Review Your Case. Performing preliminary checks to assess whether the case can result in a substantial recovery, based on our experience. Collecting all the information and documentation required to successfully pursue your case.
Systematically confronting the relevant entities that have facilitated the illicit transfer of your wealth. Table of Contents. What is forex trading? Is forex trading a scam How to spot a forex scam How do I recover funds from a forex scam?
Is forex trading a scam? Key Points. Using a regulated broker ensures that: your money is safe, the data and information provided by the broker are compliant with industry standards, and the broker is operating legitimately and ethically. The forex trading space is rife with services and individuals bent on defrauding new traders. Avoid bad brokers, false education programs, performance history lies, and fraudulent automated trading systems.
If you have been the victim of a scam in the forex space — there are options available to you, provided by our specialist at Payback LTD. How to spot a forex scam. Here are some of the different types of forex trading scams:. The US and EU more recently have limits of around If you see a broker offering , , or anything beyond a conservative amount, stay away.
This is a predatory action. Avoid any broker that is not clear about margin requirements. Avoid requirements for a minimum Stop Loss or Profit Target Avoid requirements where you must have a trade open for a certain amount of time before you can exit.
Broker withdrawal rules. Avoid minimum requirements for volume traded before you can withdraw. If a broker advertises a bonus on deposits, make sure that you can withdraw the bonus within a reasonable amount of time — it should be clear what the requirements are for you to withdraw the bonus. The spread is the difference between the Bid buying and the Ask selling — This should be clearly defined or be avoided.
Signal Sellers. Forex signal sellers are individuals who want to sell you signals or advice — they want to tell you what pairs to buy or short, when to exit for profit, where to put your stops, etc. Avoid people or companies that promise or allude to a guarantee of profit. Broker spam.
Avoid sites that have side advertisements and banners promoting a single broker. Avoid anyone or anything that recommends a single broker People who promote a single broker generally have some agreement with them. Many non-US brokers offer various incentives for people to find new customers. They may offer the seller a cut of your deposit or a rebate on any trade you make.
If someone tells you about a broker or if a site is promoting a broker — ask if they have an IB introducing broker agreement with them— this must be disclosed in the US when asked. Educational services. Be wary of the myriad of free or paid trading education opportunities Many sites look incredibly professional and may even link certification organizations without their permission. Even by professional US brokers, a significant amount of the education provided is decades out of date.
There are only two known private hedge funds that have anything close to authentic self-learning AI. They are not selling their bots to anyone. Think about this logically: If you created a profitable AI virtually a money printing machine , would you ever tell anyone about it? Would you sell it? Probably not — your advantage disappears when others have access to that kind of a tool.
Automated Trading systems are a common way fraud is committed by forex scammers. Flashy advertising or false lifestyles. A good rule to follow for any investment or speculative endeavor: if it looks or sounds too good to be true, it probably is. How do I recover funds from a forex scam? Forex Scam FAQ. Is Forex a pyramid scheme? Who regulates the forex markets? How do I know if a broker is legit?
Great question! Another great way to determine legitimacy is to read reviews by current and former customers. About the Author. Payback Team. Monika is in charge of all things content at PayBack. When she's not writing, editing, or liberally using the em dash, she's passionately looking for ways to help SMBs scale their business. Let's get your money back! Get a free consultation. Customer testimonials. Gaurav Kumar Kohli. Jun 9, AU. In other words run away from it. Forex markets do change very quickly.
What looked like a low-risk technical trade yesterday can quickly turn into a crisis if the situation is left unmanaged. Is your forecast playing out as expected or have things changed? Some examples of changing technical signals that might force a reassessment are:. These are a just a few examples of changing scenarios — the list is nearly limitless.
Of course fundamentals can change as well. If the technicals and fundamentals still look ok, you might want to take a wait-and-see approach. But this can only go so far. Remember that every day that the position is open it is also tying up capital with no productive value.
When this goes on too long, holding an open position can and often does become counter-productive. How long is too long will of course depend on the strategy being used. The final choice is to take definite action to recover the loss. We can do this using a double down recovery system — this means use a Martingale like strategy to force the position into a profit. Doubling down is a high-risk strategy and should only be attempted if the risks are understood, and the size of the position is kept small relative to the account size.
Otherwise it can lead to runaway losses. This results in a pips unrealized loss. The loss at this time is still pips. While the loss is the same, the recovery time will now be quicker if the market reverses. That means an upward move of pips is necessary to break even rather than pips as before.
This time it drops to 1. At this point in time, I double the position again. My loss stands at pips but my average entry price is now 1. It drops this time by 50 pips to 1. The loss is now pips but due to doubling down my averaged entry price is now just 88 pips away from the market at 1. After falling pips from the original trade entry, some retracement is due.
My total position now makes a tidy profit of pips due to this small retracement. This recovery strategy works because financial markets rarely move in straight lines. The recovery distance becomes smaller and smaller the more times this process is done. This naturally comes at higher risk when dealing with large position sizes.
To use this method you simply need to define a fixed distance in pips and a multiplier. Then you double the position size by adding lots whenever the price moves against the position by at least the fixed pip distance. The choice of these settings will depend on the market.
There are various ways to choose these to give the best chance of a rapid recovery. Attempting to recover a position does come with considerable added risks.
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